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Wall Street is not so perfect

Us banks list / Saturday, August 14, 2010

Between the rise of computerized investment programs, the wild market volatility in recent months and the declining participation of individual investors, all of them related, communications in which the big banks on Wall Street confesses what has Stock cattle are becoming more and more interest.

In the first quarter, both Goldman and Bank of America managed to win at roulette tour ever. Both entities profit in its trading activities every day of the quarter. A statistical aberration that says enough of how the market works, and not invited, just to swim the same waters that these sharks.

In the second quarter, traders have been a little more Fallon, or someone who can play the game better than them. Both institutions (Goldman Sachs Bank of America) have suffered 10 days of losses, and 11 days, Morgan Stanley. Furthermore, in Goldman's days with gains of more than $ 100 million spent from 37 to 17, and days with losses exceeding this amount was three. At Bank of America had seven days of profit of 100 million or more and a loss. And Morgan won more than 100 million in 19 meetings. In some cases the daily losses were lower than the value at risk, ie the estimated maximum loss.

It would be a detail to know which banks won or lost money on 6 May, when Wall Street fell 9% in minutes. In any case, it seems clear that the volatility of recent months has sat less well than the rises vertically from the first quarter. Even so, the operation of buying and selling on the market is still a godsend for Wall Street: the three aforementioned companies earned about U.S. $ 13,000 million of its trading divisions. Without them, would be in losses or low profits. Wall Street is not so perfect, sometimes you lose at roulette, but if it stops spinning, the game is over.

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